Homeowners who live in flood prone areas should know that a standard home insurance policy will not cover damages caused by a flood. Even if your home is not located in a flood zone, you have a 26 percent chance of experiencing a flood loss as opposed to the 9 percent chance of fire during the course of a typical 30-year mortgage, according to the NFIP.
A flood is, “a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder’s property) from:
Overflow of inland or tidal waters
Unusual and rapid accumulation or runoff of surface waters from any source
Mudflow
Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.